All Forum Posts by: Isadore Nelson

I’m looking at purchasing a quadplex in New York City, where all four units are rent-controlled, with two units vacant and two still occupied by rent-controlled tenants. Is there a way to remove rent control from these units, especially the vacant ones?

I’d appreciate hearing from anyone with experience in this area, particularly if you know of any process to decontrol rent-controlled units when they become vacant.

Also, I’m seeking recommendations for an attorney with expertise in rent control, tenant law, or real estate in NYC. Any leads or advice would be greatly appreciated!

Good question.

Hey Mordecai,

Sounds like you’re in a great spot with your real estate portfolio already! In terms of the Roth 401(k) withdrawal, here’s my take:

First off, that $60K withdrawal might sting a bit with the tax hit, but if you’re using it to buy a property that gives you solid cash flow ($1,300/month), it might make sense in the long run. That $15.6K/year in profit from the new property adds up, especially when you factor in potential appreciation over time.

As far as the Roth 401(k) goes, the growth potential is nice, but it’s not going to generate the same kind of passive income you’re going to see with real estate. You already have a pretty solid portfolio, so adding another property and generating more cash flow might accelerate your wealth in a way that the Roth can’t match, especially if you’re planning to transition to real estate full-time soon.

The long-term game for you seems to be building that cash flow and equity in real estate, and it sounds like taking the hit on the Roth 401(k) could be worth it for the immediate returns. Plus, as you mentioned, you could always tap into the equity later on to continue expanding.

At the end of the day, it’s about what fits best with your goals. If you’re focused on cash flow now and building real estate wealth, it seems like pulling from the Roth could make sense. But definitely consider chatting with a financial advisor who knows real estate—they can help run the numbers for you.

Hope that helps, and good luck!

Hi all,

I’m an investor looking to understand how to legally remove a property or unit from rent stabilization in New York City. If I purchase a building with rent-stabilized tenants, are there any legal ways to de-stabilize the units, especially after doing significant renovations or rehabbing the property? What criteria or requirements must be met for this to happen, and what’s the process I need to follow to ensure compliance with the law?

Thanks in advance for any insights or experiences!

Hello everyone,

I'm interested in learning more about NYC foreclosure auctions, and I was hoping to tap into the collective knowledge here. If anyone has experience or tips to share, I’d really appreciate it!

Here are a few things I'm curious about:

1. How do foreclosure auctions work in NYC? - I understand that properties go to auction, but what’s the process like from start to finish? 

2. What’s the redemption period like? - I’ve heard that in some cases, the homeowner can still redeem the property after the auction. How long does this period last in New York, and how does it impact the auction?

3. What are the risks? - What should I be aware of when bidding at these auctions? Are there any hidden costs or legal issues I need to consider?

4. Any general tips or advice? - Whether it’s about funding, research, or things I should look for in the auction listing, any insights are appreciated!

Thanks in advance for your help!

I'm struggling to understand some aspects of your response, but it provides some things to think about. Cash-for-keys, unless you're offering heavy sums does not happen in one afternoon.